Azalea Capital has made an investment in Turbine Generator Maintenance (TGM). The investment was made through The Azalea Fund III, LP and Azalea partnered with TGM’s existing management to complete the investment.
Turbine Generator Maintenance (TGM) performs turbine and generator outage services for industrial clients, independent power producers, and public utilities. TGM provides expert field service inspections, repairs, and operational support for steam and combustion turbine and generator sets. The company is headquartered in Cape Coral, FL (www.turbinegenerator.com).
“We have enjoyed getting to know the team at Azalea over the past few years,” said David Branton, TGM’s CEO. “Their knowledge of our industry and their commitment to invest in TGM’s growth were important factors in our decision to partner together. Azalea’s investment will enable TGM to expand our services offering and extend our international footprint.”
Azalea Capital invests in middle market companies that have annual revenues of $10 million to $100 million and EBITDAs of $2 million to $10 million that are located in the Southeastern US. Industries of interest include manufacturing, business services, consumer products, pet products and services, value-added distribution, and healthcare. The firm is currently investing out of it third fund, Azalea Fund III, LP. Azalea Capital was founded in 1996 and is headquartered in Greenville, SC (www.azaleacapital.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-29-14